INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Obtain financing
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Conduct research
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Identify staffing needs
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Select a location
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Detailed explanation-1: -The first step in creating and identifying opportunities is idea generation; the more ideas we generate, the greater the likelihood we will find a strong opportunity.
Detailed explanation-2: -Experts say some good first steps in starting a business are researching competitors, assessing the legal aspects of your industry, considering your personal and business finances, getting realistic about the risk involved, understanding timing, and hiring help.
Detailed explanation-3: -Resourcing-stage in which the entrepreneur identifies and acquires the financial, human, and capital resources needed for the venture startup, etc.
Detailed explanation-4: -Conduct market research. Market research will tell you if there’s an opportunity to turn your idea into a successful business. Write your business plan. Fund your business. Pick your business location. Choose a business structure. Choose your business name. Register your business. Get federal and state tax IDs. More items